Broadcom Now Seeking Fewer of Qualcomm’s Board Seats

Photo

Hock Tan, the chief executive of Broadcom, said his company’s decision to seek fewer seats on Qualcomm’s board was a bid to provide “continuity” after an eventual takeover.

Credit
Justin Lane/European Pressphoto Agency

Broadcom moved the goal posts in its hostile takeover bid for Qualcomm, announcing on Tuesday that it was now seeking only a majority of the chip maker’s board seats in next month’s shareholder vote and raising questions about the future of the deal.

Broadcom said that it would now pursue the election of six nominees that it had put forward, rather than the full 11 it had originally named.

Whether the shift will be enough to advance the deal in the face of Qualcomm’s heated resistance to a takeover is unclear. Qualcomm shareholders vote on the board on March 6. The chip company last week rejected Broadcom’s latest takeover bid, valued at about $121 billion, arguing that it was still…

Full story here

addd

LEAVE A REPLY

Please enter your comment!
Please enter your name here